Mumbai

Waaree Energies Limited, India’s leading solar panel manufacturer, has raised around Rs 1,000 crore from various investors through primary funding. The promoters also participated in this equity raise at the same valuation. The proceeds will be used for expansion plans of the company to increase its manufacturing capabilities in India from 2GW to 9GW for PV modules, of which 5GW is operational and the balance 4GW is expected to be operational by January 2023. Waaree also has plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Waaree is committed to its growth and expansions plans in the sunrise renewable energy industry and also committed to support the Prime Minister’s vision to achieve most of the COP 21 climate change goals set for 2030 and carbon neutral goals set for 2070, much before such times.

Waaree Energies has recently withdrawn the DRHP filed with SEBI owing to the fundraise.

Commenting on this funding, Hitesh Mehta, Director & CFO, Waaree Energies, said, “Waaree Energies has always worked towards making India a solar reliant country and has been in line with the Government's Atmanirbhar Bharat and Make in India. In our efforts to revolutionize the solar manufacturing sector, we aim to further our manufacturing capacity and expand our offerings and ensure increased employment opportunities. We have been bullish about creating economically viable and easy to adopt solutions for our buyers. Our mission has always been to provide practical solutions to augment performance and be the frontrunners of the solar revolution globally.”

Waaree recently emerged as the largest exporter of solar PV panels. It is the lone manufacturer in India, approved by ALMM, of high-wattage panels i.e. 650WP along with 600WP and 540WP from its manufacturing facilities in Surat, Shree Godijee - Chikhli, Tumb, and Nandigram. In addition, it provides EPC services, project development, rooftop solutions, and solar water pumps and is an independent power producer. WAAREE is present in over 388 locations nationally and in 19 countries globally.